Sunday, January 17, 2010

I Guess It's the Thought That Counts

Today the New York Times reported that Wall Street firms are reaching in their pockets to give to Haiti relief efforts. The Times reports:

"Banks including Goldman Sachs, Morgan Stanley, JPMorgan Chase and Bank of America have each pledged $1 million to various charities and humanitarian organizations, according to news reports and press releases.

One of these banks, Citigroup, has suffered perhaps even more than others: its Haitian headquarters collapsed, and several of its employees have died, according to an internal memorandum obtained by DealBook. Citi is giving $2 million to relief efforts, Vikram S. Pandit, its chief executive, wrote in the memo."

However before we all start believing that Wall Street has finally found a soul. here's a little perspective on their donations courtesy of Credo Mobile:
"Wall Street employee bonuses this year are estimated at $47 billion - Haiti's GNP was $7 billion. The most any bank has pledged is $2 million. Is there no shame?"

In all fairness, Reuters is reporting that, "
Citigroup is sending a team with medical equipment, humanitarian supplies, and satellite phones to Haiti, to help the company's employees and support emergency response efforts.."

But friends, let's do the math.

$6 million is less than .013 percent of $47 billion. And we're talking about a percentage of employee bonuses for people that nearly wrecked the global economy.

That's a disgrace.

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